Citycon and NCC Property Development (NCC) will launch the first phase of the extension and (re)development project of the shopping centre Iso Omena, situated in Matinkylä, Espoo. Citycon and NCC have today bought a site for the extension building from the city of Espoo. Citycon and NCC will have a 50-50 partnership in the project. The construction work related to the project will be started immediately by NCC Rakennus Oy.
Through this three phase project, the leasable retail area of Iso Omena will be increased by around 25,000 square metres, to over 75,000 square metres. Following the completion of the extension and (re)development project, the shopping centre will house over 200 different shops and other services. Measured by floor area, the number of shops and the variety of the offering, this project will make Iso Omena one of Finland’s largest shopping centres. The extension and the existing shopping centre Iso Omena will be fully integrated.
The extension project will be done in close co-operation with Länsimetro Oy. The end station of the western metro line, now under construction, will be located under the shopping centre Iso Omena, along with a bus terminal.
“With the metro line, Matinkylä will become the most important transport hub for the whole of southern Espoo. Around 35,000 passengers will pass through the metro centre every day. This will create an additional daily customer flow which will further enhance Iso Omena’s position in Espoo” says Marko Juhokas, Citycon’s Senior Vice President of Development and Sustainability.
The number of parking spaces at the shopping centre will be increased, to some 3,000 spaces. This also includes 350 park-and-ride spaces. The new metro centre transport terminal will be opened at the same time as the first phase of the western metro line, in late 2015. The shopping centre extension will be completed in the late summer of 2016.
“The shopping centre Iso Omena has a prime location in Espoo, one of the fastest growing areas in the Helsinki region. In Espoo, the purchasing power of households is nearly twice the Finnish average. The multifunctional concept of shopping, traffic and municipal and health care services makes this project unique,” says Property Development Director Risto Seppo, responsible for the Iso Omena development project.
“The central location of Matinkylä metro centre right next to housing, the new western metro line and the bus terminal all support sustainable city development and construction of the area. NCC certifies all development projects according to environmental assessment methods. The Matinkylä project is a considerable one for NCC in terms of both the property development and the construction works involved. It is great to implement this considerable project in co-operation with city of Espoo, Länsimetro and Citycon,” says Tero Estovirta, CEO, NCC Property Development Finland.
“The area of Matinkylä metro centre and the shopping centre Iso Omena is rapidly becoming the city centre of the whole area. The municipality of Espoo plans to place a city “service square” with a library, joint municipality service centre and social and health services to the third floor of Iso Omena. Also the road network around the metro centre will be improved during the next years. The widening of Piispansilta will start already this summer. All necessary connections, buildings and services will be ready when the metro traffic starts in 2015,” states Olavi Louko, Director of the Technical and Environment Services, city of Espoo and the director of the Board, Länsimetro Oy.
Following the project’s completion, it is estimated that Iso Omena’s annual footfall will increase from the current figure of slightly under nine million, to approximately 14.5 million. Sales at the shopping centre are expected to rise by nearly a third, to around 375 million euros.
“Citycon’s strategy is to manage, own and develop grocery anchored urban shopping centres in growing cities such as Iso Omena. Espoo is one of Finland’s most rapidly growing regions, and we want to be involved in the city’s development. In Finland there is a clear gap in the offering of retail brands compared to the average of Europe. We believe that the extended and renewed Iso Omena will attract new international retail chains to the Finnish market,” estimates Marcel Kokkeel, CEO of Citycon.
For further information, please contact:
Citycon Finland Oy, Marko Juhokas, Senior VP of Development and Sustainability
Tel. +358 20 766 4422 or +358 40 735 4997
Citycon Finland Oy, Risto Seppo, Property Development Director
Tel. +358 207 664 407 or +358 45 657 8990
NCC Property Development Oy, Tero Estovirta, CEO
Tel. +358 50 593 6194
City of Espoo, Olavi Louko, Director of the Technical and Environment Services
Tel. +358 500 607 754
Länsimetro Oy, Matti Kokkinen, CEO
Tel. +358 50 347 1558